With Crozier just a few months into the job, and Norman taking a hands-on role at the channel, where he will be paid £300,000 a year (and 1.2m ITV shares), our panel put the ITV chairman in this year's MediaGuardian 100 at the expense of his chief executive. Whether Crozier will be in the ascendant in next year's list depends on his performance over the next 12 months.

The broadcaster axed about 1,200 of its workforce last year and Norman has warned there could be more to come, saying it will be "another difficult year".

Norman said ITV required nothing short of a "transformation" and is looking to boost digital revenue, expand in-house production and stem the decline in audience at ITV1 as part of his five-year plan for the broadcaster.

He also wants to free ITV from regulation and the shackles of Contract Rights Renewal, possibly in return for a renewed commitment to both regional and national news. With his impeccable political connections, he might have more luck with the new government than his predecessor had with the old one, but it will be no easy task.

Norman took up his new post at the beginning of this year. Crozier quickly followed – Norman said he was a "great leader" with "steely resolve" – as did the appointment of Kevin Lygo, hired from Channel 4 to boost ITV's in-house production slate as the new managing director of ITV Studios.

"Clearly there is an upturn in the advertising market and of course that is helpful," said Norman.

"But I also want to reassure you we are not fooled by that in terms of how it affects the fundamentals of the business. The ITV problem has not been one of failure of ambition or aspiration. We have struggled with delivery. From now on we need to make that process of change irreversible. We can't afford more false dawns. This time we don't have an option."

The only FTSE 100 chairman to have sat in the House of Commons, Norman was Tory MP for Tunbridge Wells between 1997 and 2005. A Conservative high-flyer, he had roles as deputy chairman, foreign affairs spokesman, shadow environment minister and the party's chief executive.

The Norman-Crozier partnership promises to be one of the most fascinating double acts of the year.